Tracking Dodd-Frank Compliance

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As a response to the 2008 financial crisis, where the risk of debt held by financial institutions was shown to be much higher than stated, the US government enacted a series of financial reforms to increase the governance of financial institutions.

The act was named after Senator Chris Dodd and Representative Barny Frank.

The Dodd-Frank act includes requirements that all financial trades be reported to the US government. There are a number of different government departments that now provide oversight on trades. These include:

The Financial Stability Oversight Council who monitor major financial firms’ liquidity,
The Federal Insurance Office who monitor insurance companies
The Consumer Financial Protection Bureau (CFPB) who monitor mortgage lending,
The Securities and Exchange Commission (SEC) who ensure that companies who trade are fairly representing their institutions and products,
And number of additional federal, state and local government organizations who continually monitor transactions to ensure that they meet each legal requirements.

Each agency has specific reporting requirements with specific times where trades must be reported and summary reports must be submitted, and processes that must be followed for any trade that is either not correctly submitted or was rejected or was not acknowledged.

Some of these reports require for some types of trades that the report include information about the decision-making process that was followed for prices that were offered for specific trades and if these prices was accepted or not. For companies that trade the process of reporting is both complex and continually evolving. The impact of failing to report correctly can be large (financial and legal ramifications) and can have a large impact on a trader’s reputation.

What Nastel can do to help you manage your Dodd-Frank Compliance with both internal governance and regulatory compliance requirements.

Nastel Technologies can monitor all the systems associated with Dodd-Frank transactions and by reading the payloads of each Dodd-Frank transaction message can present a complete view of the pathway of each Dodd-Frank transaction, overlaying the performance data from each system associated with the transaction to provide a visual method of analyzing each transaction and allowing for both real-time and historical reports to be generated to meet internal governance and regulatory compliance needs and to provide predictive and proactive report of any likely issues.